Bitcoin (BTC) price prediction: Strategy and Metaplanet continue to accumulate BTC, adding steady buy-side pressure to BTC price

Bitcoin’s rejection at $107,000 shows sellers are active at higher levels, but the recovery from the intraday low shows solid buying.

Bitcoin’s attempt to challenge the all-time high faced a strong rejection near $107,100 on May 19, showing that the sellers are active at higher levels. However, the long tail on the candlestick indicates solid buying at lower prices.

This short-term uncertainty did not deter the long-term buyers from accumulating more Bitcoin. Strategy, formerly known as MicroStrategy, announced the purchase of 7,390 Bitcoin at an average price of about $103,500, increasing its total holding to 576,230 Bitcoin.

Similarly, Japanese investment firm Metaplanet said on May 19 that it acquired 1,004 Bitcoin, raising its total to 7,800 Bitcoin.

Although Bitcoin’s trend remains bullish, the repeated failure to break above the overhead resistance may encourage some short-term traders to book profits, which in turn increases the risk of a move below the crucial psychological level of $100,000.

Crucial support and resistance levels

What are the crucial support and resistance levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

S&P 500 Index price prediction

The S&P 500 Index (SPX) extended its up move last week, indicating continued buying by the bulls.

The upsloping 20-day exponential moving average (5,712) and the relative strength index (RSI) near the overbought zone signal an advantage to buyers, but the up move is expected to face significant resistance in the 6,000 to 6,147 zone.

If the price turns down from the overhead zone, the index could find support at 5,800 and then at the 20-day EMA. If the price rebounds off the 20-day EMA, the bulls will again try to drive the index to the all-time high. Sellers will have to pull the price below the 20-day EMA to break the bullish momentum.

US Dollar Index price prediction

The relief rally in the US Dollar Index (DXY) hit a wall at the 50-day simple moving average (101.67) on May 12, indicating that the bears are selling on rallies.

The index is likely to find support at the 100.27 level. If the price rebounds off 100.27, the bulls will again try to push the index above the 50-day SMA. If they manage to do that, the index could pick up momentum and surge toward 103.54. Such a move signals that the corrective phase may be over.

Sellers will retain the advantage if the price closes below the 100.27 support. That opens the doors for a retest of the 99 level.

Bitcoin price prediction

Bitcoin broke above the overhead resistance at $105,820 on May 18, but the bulls could not sustain the momentum.

Sellers are expected to fiercely defend the zone between $107,000 and $109,588. The 20-day EMA ($100,787) is the crucial support to watch out for on the downside. A rebound off the 20-day EMA suggests the positive sentiment remains intact. The bulls will again try to clear the overhead zone. If they succeed, the BTC/USDT pair could skyrocket toward $130,000.

This positive view will be invalidated in the near term if the price continues to fall and breaks below the psychologically crucial $100,000 support. The pair could then plummet to the 50-day SMA ($91,916).

Ether price prediction

Ether’s (ETH) bounce off the 20-day EMA ($2,288) on May 18 fizzled out near $2,600, indicating that the bears have kept up the pressure.

Sellers tried to pull the price below the 20-day EMA, but the long tail on the candlestick shows solid buying at lower levels. The bulls will try to push the price above the $2,738 resistance, opening the gates for a rally to $3,000. There is minor resistance at $2,850, but it is likely to be crossed.

Contrarily, a break and close below the 20-day EMA tilts the advantage in favor of the bears. The ETH/USDT pair could then slump to $2,111.

XRP price prediction

XRP (XRP) remains stuck inside the $2.65 to